Saudi’s PIF to sign US$11bn loan next week | Reuters:
Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF), is set to sign a US$11bn syndicated loan next week, according to bankers close to the deal, which will help to fund the kingdom’s economic transformation plans.
The deal will be the first commercial loan for PIF, which is tasked with helping to deliver Saudi Arabia’s Vision 2030 reform plan, as the country reduces its reliance on oil exports. The loan will have a five-year maturity and is structured as a club loan with 14-16 banks making commitments of up to US$1bn at three different levels.
“I anticipate we will receive signing instructions next week,” one banker said.
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